PruProtect will switch to gender-neutral pricing on 21 December for all products except its whole-of-life plan, which will switch on 3 November.
PruProtect says there is a greater risk of underwriting uncertainty for this product because the sums assured are generally greater and the life assured is generally older, so underwriting takes longer.
PruProtect will guarantee gender-neutral rates for customers if all of the underwriting has been completed by 21 December. Customers will then have 90 days to take up the cover.
It has also set up a gender-neutral unit to assist in the application process and to ensure applications are able to get through before gender-specific pricing is banned.
PruProtect head of account development Phil Jeynes says: “We recognise there is a lot of pressure on advisers to give clarity to their customers in the run up to G-day. We hope that by announcing these measures we have achieved that.”
Lifesearch senior policy adviser Matt Morris says: “This method makes it clear what advisers need to do and by when if their clients are to get cheaper rates.”
Aviva and Friends Life are yet to release their gender neutral pipeline plans.